Ghana Introduces Blockchain-Based Gold Tracking to Combat Illegal Exports

Ghana introduces a blockchain-based gold monitoring system to restructure its golden sector and fight unlawful exports, says Sammy Gyamfi, appearing director of the Treasured Minerals Advertising Firm (PMMC). The initiative, linked to the Gold Board Invoice below parliamentary evaluation, is meant to register all licensed miners in a nationwide database, to assign distinctive digital codes to manufacturing batches and to incorporate transactions on a blockchain. The proposed golden board would supervise gold purchases from small -scale miners, regulate costs and deal with smuggling. This step may assist Ghana to lose an estimated $ 2 billion yearly to unlawful commerce whereas stimulating revenue, stabilizing the Cedi and honest costs for miners. An anti-smuggling activity drive can also be deliberate to implement compliance. Pilot tasks have proven encouraging outcomes, and if accredited, this method would mark considered one of Ghana’s first massive -scale purposes of blockchain in its mineral sector.